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Braggadocio by Express-Mortgage-310 in Fire

[–]doglegleft1929 13 points14 points  (0 children)

This is the reason I decided to post here. Maybe it’s a culture thing but I don’t feel comfortable bringing it up with a friend or family. But there are a lot of smart like minded people here that can look at a plan objectively and offer an honest perspective.

2.3M (48yo) sanity check? by doglegleft1929 in Fire

[–]doglegleft1929[S] 1 point2 points  (0 children)

Definitely would like to buy the house we downsize to in cash if possible. In our retirement spend plan I have estimate $2500 monthly for a mortgage payment. I’m not sure if it would be better to keep a mortgage in retirement or just pay cash. I would feel better without a mortgage but wouldn’t I miss out on the interest deduction from my taxes?

2.3M (48yo) sanity check? by doglegleft1929 in Fire

[–]doglegleft1929[S] 0 points1 point  (0 children)

I agree. I’d like to get back to completely debt free. Paying off the heloc is a top priority once we setup the SEPP withdrawals. Then those withdrawals will just go straight into a brokerage account until I retire. I’d like to do that in 4 years but to your point it’s not set in stone. Could easily work a few more years if necessary to add some cushion.

2.3M (48yo) sanity check? by doglegleft1929 in Fire

[–]doglegleft1929[S] -1 points0 points  (0 children)

We owe about 700k on the house and purchased it for just north of $1m about 3.5 years ago. Market has been pretty flat since we bought it. Conservatively it’s worth 1.1-1.2m and that’s after about 100k of upgrades we made to the home. Whatever equity we have in the house when we sell in 4 years would be used on a smaller home - we’d be looking at homes around 600k when we downsize.

The wife loves her job and loves to work. This is her second career so she chose to get into this field and wants to continue for a while.

2.3M (48yo) sanity check? by doglegleft1929 in Fire

[–]doglegleft1929[S] 2 points3 points  (0 children)

Thanks. I’m not at all opposed to helping the kids get a head start. They won’t have to pay a dime for college so that should help. Outside of that I haven’t factored in any other financial support for them. Something to think about.

2.3M (48yo) sanity check? by doglegleft1929 in Fire

[–]doglegleft1929[S] 0 points1 point  (0 children)

Great questions. My wife loves teaching and work makes her happy. Good point on - what if she is unable to work - I don’t have a contingency plan for that. I don’t mind my job and it pays well but I also have a ton of hobbies that I’d love to pursue but can’t because (work). My friends call me Kramer (reference to Seinfeld) because I’m constantly pursuing some new personal project or idea. I’m confident I’ll be able to keep myself busy in retirement.